DTZ's Francis Li feels bullish about the China property market
Francis Li watched rivals make money as he built up DTZ's business over the border. Now he's feeling sweet while HK-rooted agents sweat
The DTZ North Asia investment team headed by Francis Li has brokered property deals on the mainland valued at some 18 billion yuan (HK$22.8 billion) since the beginning of the year, the most since the company was established in 1993.
By comparison in Hong Kong the total value of transactions worth HK$100 million or more completed in the first half of this year amounted to HK$20 billion, Li said in an interview in his office on the 16th floor of Jardine House in Central.
"While other property consultants worry about their businesses since the Hong Kong market is slow, we don't," said Li.
Transaction volumes in Hong Kong fell further in the third quarter because of the government's measures to cool down the property market, which have substantially increased transaction costs - a major concern for investors.
DTZ's own data show the total value of 27 deals completed in the third quarter amounted to HK$7.52 billion, down 42.5 per cent from HK$13.11 billion in the second quarter.
Commission from the sale of three commercial properties, in Shenzhen, Guangzhou and Shanghai, by Cheung Kong (Holdings) and Hutchison Whampoa - both controlled by Asia's richest man, Li Ka-shing - has made a big contribution to DTZ's earnings this year.